VolitionRx Limited (NYSEAMERICAN:VNRX) has announced the closing of its previously announced public offering to raise $13.8 million to support the epigenetics company’s continued product development and clinical studies.
In a statement, the Austin, Texas-based company said it offered 5,019,750 shares, including the exercise in full of the overallotment option, at a price of $2.75 per share for total gross proceeds of $13.8 million, before deducting underwriting discounts. All the shares sold were offered by the company.
The company intends to use the money from the offering, that closed on May 22, for continued product development, clinical studies, product commercialization, working capital, and potential strategic acquisitions.
The funds come at a time when the company is actively developing a coronavirus (COVID-19) triage test using its flagship Nu.Q test (normally used to detect cancer biomarkers) to predict the likelihood that a positive individual will develop complications and severe disease.
It recently conducted a proof of concept study involving 34 COVID-19 positive subjects and 50 control subjects that produced promising results. And preliminary studies of infected patients are now underway in hospitals in Belgium and Germany, with results expected in the second quarter.
Volition is developing easy to use, cost-effective blood tests to help diagnose a range of cancers and other diseases. The tests are based on the science of Nucleosomics, which is the practice of identifying and measuring nucleosomes in the bloodstream - an indication that disease is present.
National Securities Corporation, a wholly-owned subsidiary of National Holdings Corporation (NASDAQ: NHLD), acted as sole book-running manager for the offering. The Benchmark Company and Maxim Group acted as financial advisors in the offering.
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